Posted on: June 14, 2022, 05:37h.
Last updated on: June 14, 2022, 05:37h.
El Salvador became the first country to recognize Bitcoin as legal tender. It’s also the first to receive a casino built around non-fungible tokens (NFT).
This past January, Canada-based Astro Babies announced the development of its first physical casino where players can buy and sell NFTs. The casino, Astro Club House, has now made its debut, launching in the country on June 9.
The casino allows digital artists to exhibit their works, which Astro Babies hosts on the Solana blockchain. Astro Babies also expects to launch a second club in El Salvador’s Bitcoin City later this year.
El Salvador Reinvents Casinos
As it develops, the casino will have slot machines and table games, as well as weekly poker tournaments, among other activities. The place will have a games area, lobby, bar, restaurant, DJ, terrace and also a VIP area
Through these projects, Astro Babies created 120 indirect jobs and 50 direct jobs in El Salvador, according to a company statement. In addition, it launched its third collection of NFTs, timing the launch with the inauguration of the new Astro Club House.
The company’s founder, Al Radan, claimed that the initiative responds to demand. The appeal for cryptocurrency and NFTs generated by the approval of El Salvador’s Bitcoin Law is driving interest.
— Astro Babies | Babies&Apes | SOLD OUT (@AstroBabiesNFT) June 12, 2022
One of the points Radan highlighted during the inauguration is that the place aims to function as a “think tank.” It will be not only where people interested in NFTs can meet, but also those who have a general interest in the world of cryptocurrencies can gain knowledge and more understanding.
Astro Babies also announced the launch of an aviation company. This, it says, will serve entrepreneurs in the cryptocurrency sector throughout Central American countries. However, it has not yet released more details about how it will operate.
NFT Casinos Become a Thing
The project consists of the installation of a second NFT casino in the east of the country, “7 minutes from Bitcoin City.” El Salvador’s President, Nayib Bukele, announced the project in November of last year. He stated at the time that a site near the Conchagua volcano, in the department of La Union, will host the tax-free casino.
However, that venue depends on several factors, including successful financing for its construction and the issuance of the “Volcano Bonds,” bonds to cover the development. In addition, the NFT market, like that of cryptocurrencies in general, has faced a sharp fall in recent months as a result of market volatility. This may delay the completion of the project.
On the other hand, Astro Babies asserts that having come to the country represents an opportunity for the company. It has an interest in creating sources of employment, as well as promoting national artists.
This is because, within the current scope of the NFT ecosystem, these types of works remain popular with enthusiasts and collectors and retain their high values. As a result, according to Astro Babies, the real benefit within El Salvador would go within the category of graphic artists.
In fact, in the physical exhibition shown during the opening event of Astro Club House, digital works by urban artists such as TNT or Marlon Díaz, known as Maco. He already began selling part of his works in that format.
For his part, Maco explained that there’s an advantage to exhibiting his work on the Astro Babies platform. Astro Babies already has followers from different countries with significant interest in the NFT market.